The Federal Trade Commission announced this week that it has settled with DeVry (DeVry) for $100 million over allegations that it misled prospective students with ads that promised higher employment success and income upon graduation.
We previously reported on the allegations levied by the Federal Trade Commission (FTC) against DeVry [view related post].
The settlement required DeVry to pay $49.4 million in cash to qualified students who were harmed by the deceptive ads and $50.6 million in debt relief for students. This includes the balance of all student loans provided by DeVry to students between 2008 and 2015, and student debt for tuition books and lab fees.
DeVry will notify all students who will receive debt relief and to inform credit bureaus and collection agencies about the debt forgiveness.
The settlement prohibits DeVry from misleading consumers in the future about their prospects for a job or compensation they may earn as a result of their diploma from DeVry. The Commission unanimously approved the settlement and Order.